Published: Nov 13, 2012 3:01 PM EST
Updated: Nov 14, 2012 7:31 AM EST

NEW YORK (AP) - Best Buy CEO says it's time to embrace "showrooming."

Ten weeks into the job, Hubert Joly (HYOO'-behr joh-LEE') says the consumer electronics chain's results have been unsatisfactory, and the company must work to stabilize sales trends and increase profitability.

In a meeting with analysts Tuesday, he outlined a plan to cut costs, rethink store sizes and improve customer satisfaction in stores and online. He also says Best Buy must convert people who come into stores to "showroom" - or check out products to buy them cheaper online - into buyers.

The struggling electronics chain, which is based in Minneapolis, tapped Joly in August to reverse a decline in its business. Competition is increasing from online stores and discounters, while the weak economy has sapped demand.